Earnings and outlook up for Toll

Toll Holdings has posted a 21 per cent rise in net profit to $192 million for the first six months of this financial year, and joined other transport companies in forecasting improved earnings in the second half.

The transport and logistics company boosted its earnings on the back of a 2.5 per cent increase in revenue to $4.5 billion for the six months to December, which was in line with analyst expectations.

Toll has declared an interim dividend of 12.5 cents a share, up 1 cent on the prior period.

The half-year result includes a net gain of $22 million after tax from the sale of Toll’s vehicle distribution business and a line-haul and warehousing businesses.

Toll has also booked a $30 million impairment of some assets its marine logistics business in Asia after a strategic review of the unit.

Stripping out the one-off items, the company’s net profit rose almost 8 per cent to $174 million for the half.

The company said it expects its earnings in the second half to be better than the same period last financial year. Ports and rail company Asciano echoed a similar sentiment on Tuesday when it delivered its results.

Toll it said it was ‘‘not assuming any improvement in the external economic environment’’, but an ‘‘ongoing focus on organic growth and internal productivity’’ was expected to boost second-half earnings.